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Michael Spindelegger

Austria: Hypo Group Disaster with Exorbitant Costs

The extent of the disaster of Austrian problem bank Hypo Group Alpe Adria only starts to unfold bit by bit. A further capital injection of € 750m is needed only for the ailing bank to complete its balance sheets.

March 11, 2014

EUSD: Austria “Ready to Agree“

Despite earlier statements to the contrary, Austria could now agree to the extension of the European Saving’s Directive (EUSD) during tomorrow’s ECOFIN meeting in Brussels.

March 10, 2014

Hypo Group: Further State Aid Necessary This Year

Finance Minister Spindelegger fears that nationalized problem bank Hypo Group Alpe Adria will require further state aids for its downsizing still within this year.

March 10, 2014

Austrian Bank Secret Remains Until 2017

Austrian Finance Minister Spindelegger will present proposals for amendments of the EUSD tomorrow.

March 10, 2014

Austria: Spindelegger Still Does Not Exclude Hypo’s Bankruptcy

In an interview with daily “Österreich” Finance Minister Michael Spindelegger announced his intention of very carefull examining the task force’s final report about ailing bank Hypo Group.

March 8, 2014

Austria: State Aids for Banks Almost Exhausted

The financial framework for the banking aid for Hypo Group Alpe Adria is almost exhausted. So far the federal state of Austria has spent up to € 6.2bn.

March 8, 2014

Austria: Hypo Group’s Final Report Eagerly Awaited

The eagerly awaited final report of Hypo Group’s task force is supposed to be presented to the government this weekend.

March 8, 2014

Austria: Calls for Investigation Committee Get Louder

Calls for establishing a parliamentary investigation committee for Hypo Group Alpe Adria, as demanded by the Austrian opposition, are becoming louder.

March 5, 2014

Austria: Controversies Around “Council of the Wise“

Finance Minister Spindelegger claims the appointing of the “Council fo the Wise” for problem bank Hypo Group Alpe Adria was the idea of Chancellor Faymann.

March 4, 2014

Hypo Group: Decision about Downsizing Expected Soon

At the beginning of next week the final report for the planned downsizing of Hypo Group will be presented.

March 4, 2014

Hypo Group: Risk Identified Already in 2009

Three months after a report on the risk and susceptibility to fraud of Hypo Group’s leasing affiliates was published by PwC, ailing Hypo Group was nationalized.

March 3, 2014

„Austria Needs an Excellent Minister of Finance“

Andreas Treichl, CEO of the third-biggest lender in Central, Eastern and Southeastern Europe expressed subtle doubt as to whether Michael Spindelegger is the right person for the job.

March 2, 2014

Hypo Group: New Figures Added to Number Games

The number games in regard to Hypo Group’s downsizing to not seem to cease. New figures will be released by the bank’s task force at the beginning of next week.

February 27, 2014

“Sebastian Kurz is Hope for Austria“

According to Czech politician and former Foreign Minister Schwarzenberg, Kurz is intelligent, efficient and asks the right question.

February 27, 2014

Hypo Group Insolvency to Cost € 10bn at Least

Taxpayers in Austria would be burdened with at least € 10bn if Hypo Group was sent into insolvency.

February 26, 2014

Austria: National Assembley Rejects Investigation Committee

The parliamentary investigation committee for Hypo Group, demanded by the opposition parties, was rejected in a roll-call vote in the National Assembley.

February 26, 2014

Austria: Hypo Group Council to Strain Budget Even More

The Finance Ministry will appoint an international consulting team for the downsizing of nationalized problem bank Hypo Group Alpe Adria. However, costs are increasing dramatically by this step.

February 25, 2014

Austria: “Council of the Wise“ for Hypo Group

Instead of a parliamentary investigation committee the coalition expressed its wish to appoint a “Council of the Wise” for the the assessment of the ailing bank’s nationalization.

February 25, 2014

Austrian Bank Secrecy to be Abolished by 2016

EU Commissioner Algirdas Semeta recently stated that bank secrecy in Austria will expire since by then the automatic exchange of information will be implemented as a standard.

February 24, 2014

Hypo Group: Nowotny Calls for Fast Proceeding

Newly designated head of Hypo Group’s task force, Governor of the Austrian National Bank (OeNB) Ewald Nowotny, calls upon the government to fastly proceed with the downsizing of the ailing bank.

February 24, 2014

Austria: Spindelegger under Attack

Finance Minister Spindelegger is under attack by former head of Hypo Group’s task force, Liebscher.

February 24, 2014

Hypo Group: Nowotny to Replace Liebscher

After Liebscher, head of Hypo Group’s task force, announced throwing in the towel Nowotny, Governor of the Austrian National Bank (OeNB), will become his successor.

February 22, 2014

Felderer: Insolvency More Expensive Than Bad Bank

According to Felderer, president of the fiscal council, the option of insolvency for Hypo Group Alpe Adria is more expensive than the establishing of a national bad bank

February 22, 2014

Austria: Investment Banker Part of Hypo’s Expert Group

A former investment banker is supposed to support Austrian government in the Hypo Group issue.

February 21, 2014

Government Examines Haircut of Hypo Group’s Investors

Ignoring the warnings of Hypo Group’s task force, Finance Minister Michael Spindelegger now wants investors in Hypo Group to participate in the restructuring of the ailing bank.

February 21, 2014

Spindelegger: Taxpayers Should Not Carry Whole Load

Finance Minister Spindelegger declared himself in favor of a haircut of creditors of problem bank Hypo Group.

February 20, 2014

Hypo-Disaster: Government Playing Hide and Seek

After the emergency sitting in the National Assembley, which was demanded by the opposition parties and took place yesterday, the Austrian government refused to answer questions to the press and the public.

February 18, 2014

Spindelegger Positive about Creation of Financial Transaction Tax

In the run-up to the beginning of the ECOFIN Council in Brussels, negotiations about the further proceeding of the financial transaction tax were held among eleven EU finance ministers.

February 18, 2014

Austria: Still No Clarity in Hypo Group Disaster

The Austrian parliamentary parties continue to shift the blame onto each other. Details still have not been presented yet.

February 17, 2014

Government Downplaying Effects of Hypo Group Desaster

Today, both Chancellor Werner Faymann and Finance Minister Michael Spindelegger had to explain their actions in regard to Hypo Group Alpe Adria in parliament.

February 17, 2014

Threat of Bankruptcy: Moody´s Cuts Hypo Group Alpe Adria´s Rating

The U.S. rating agency downgrades the rating of the Austrian nationalized lender by four notches. Moody´s referred to the uncertainty and the vague statements of the Austrian government.

February 15, 2014 · Updated: February 15, 2014; 18:47

Spindelegger: “Hypo Already Burdened Budget in Past”

The government has still not yet published figures in regard to the current fiscal burden emerging from the winding-up of problem bank Hypo Group Alpe Adria.

February 13, 2014

Hypo Group: Emergency Sitting in National Assembley Fixed

An extraordinary session in the National Assembley will take place next Monday in regard to Hypo Group Alpe Adria.

February 12, 2014

Hypo-Disaster: Harsh Criticism from Opposition

The opposition parties have expressed their unanimous criticism about the government failing to come to a joint decision with the Austrian banks and consequently forwarding all costs to the taxpayers.

February 11, 2014

Austria: Hypo Group Becomes Fiasco for Taxpayers

The most expensive solution for the winding up of troubled Hypo Group becomes imminent.

February 11, 2014

Austria: Bank Participation for Hypo Off

A participation model with Austrian banks can be ruled out for ailing Hypo Group. Instead, a more expensive version will be applied.

February 10, 2014

Spindelegger Insists on Austrian Bank Secret

On Friday the Finance Ministry confirmed to the Austrian Press Agency (APA) that there is “momentum in the field” in regard to disclosure of information about bank accounts of foreigners.

February 10, 2014

Hypo Group Alpe Adria: The War of Nerves Has Begun

The Austrian government puts enormous pressure on the Austrian banking sector and does not exclude Hypo Group´s orderly bankruptcy anymore. The Austrian banking sector insistently warns of this option.

February 9, 2014 · Updated: February 9, 2014; 23:41

Why Austria´s Finance Minister Has to Go

Austrian Minister of Finance Michael Spindelegger is everything but firmly in his saddle. Behind the scenes, the fight for Spindelegger´s succession has started with full strength.

February 8, 2014

Austrian Minister of Finance Under Fire

Christoph Leitl, President of the Austrian Chamber of Economics, criticizes the Austrian government sharply. Minister of Finance Michael Spindelegger is put on the defensive.

February 5, 2014

Suspicious Secrecy in the Cause of Hypo Group Alpe Adria

In the matter of Hypo Group Alpe Adria, the Austrian government acts disconcertingly. Details on the situation of the nationalized banks are still kept as a secret.

February 1, 2014

Austrian Government Skirting around Decision over Hypo

A paper reporting about the four options for downsizing Hypo Group has not been published by the government yet.

January 31, 2014

Austria: Government Makes € 1bn for Hypo Group Available in Budget

Nationalized problem bank Hypo Group Alpe Adria has listed a need for state subsidies in the amount between € 400m and € 900m in this year’s downsizing plan.

January 29, 2014

Spindelegger: “No Exploitation of Resolution Funds”

Among the finance ministers in Europe, there are still different perceptions regarding the bank resolution fund.

January 28, 2014

Austria: Opposition Presses for Information

The Austrian Greens demand information in regard to problem bank Hypo Group Alpe Adria.

January 28, 2014

Austria: Bank Particpation Still Uncertain

It is still unclear whether the Austrian banks will participate in a downsizing construction of Hypo Group. First results will be presented in February

January 28, 2014

Nowotny: “We Want Clarity“

The governor of the Austrian National Bank presses the government for swift actions to find an acceptable downsizing solution for Hypo Group. Further steps will only be made in February.

January 27, 2014

Hypo Group Alpe Adria: Austrian Government Is Helpless

The nationalized lender urgently needs a sustainable future concept. In reality, however, uncertainty is dominating.

January 27, 2014

Hypo Group: Decision Within First Quarter of 2014

The long-awaited meeting between the government and Hypo Group’s taskforce has been fixed to find a solution of the Austrian problem bank. The option of a bank participation is still on top of the list.

January 23, 2014

Spindelegger Met Almunia: „Bank Aids Were No Issue“

Today, Austrian Minister of Finance Michael Spindelegger has met Commissioner for competition Joaquin Almunia.

January 20, 2014
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